Rupee strengthens against US dollar on Tuesday
The Indian rupee strengthened against the US dollar on Tuesday, despite fears of an escalation in tensions between India and Pakistan after a deadly militant attack on tourists in Kashmir last week. Strong rally in domestic equities, robust foreign fund inflows, India’s strong manufacturing and industrial production data, and easing global tensions have supported rupee sentiments. Foreign institutional investors bought equities worth Rs 2,474.10 crore on a net basis on Monday, exchange data showed. India’s industrial production growth expanded by 3% in March, higher than 2.7% in the preceding month.
The partially convertible currency is currently trading at 85.22, stronger by 1 paise from its previous close of 85.23 on Monday. The currency touched a high and low of 85.40 and 84.96 respectively.
